Listen to this articleA mixed-use property in downtown Glen Cove has sold for $2.95 million.
3739 Glen Street Property LLC, an affiliate of a New York-based commercial real estate investor, purchased the two-story, 11,600-square-foot building on .23 acres at 37-39 Glen St.
The building, which has seven offices above three retail spaces, currently has a vacant 2,000-square-foot retail space and a vacant 1,200-square-foot office space available.
The buyer plans on investing in renovations to assist in leasing the building’s available spaces, according to a broker on the deal.
The sale price equates to an 8.3 percent cap rate.
Brian McKenna of Real Broker NY represented the buyer, while Amanda Gordon of Silber Investment Properties represented the seller, Glen Cove 26 LLC, in the sales transaction.
The property has been on and off the market for many years.
“Challenging deals are my specialty,” Gordon said. “I am able to see past what other brokers may have missed and get to a closing table on properties that would normally just sit around on the market for another few years.”